TO aid entrepreneurial development and product offerings within the segment, Standard Chartered Bank Nigeria has launched its Small and Medium Enterprises (SME) Centre to the effect.According to the bank, the move will enhance its drive to meet up with the dynamic needs of fast-growing SMEs in Nigeria, as it plans to launch its Business Essentials bundle to cater to the transactional needs nest month.Speaking at the event in Lagos yesterday, the bank's Global Head, SME Banking, Mr. Tim Hinton noted that the bank's move has become expedient considering the growth potentials of entrepreneurial businesses in the Nigerian market.He added that as mass employers of labour and great contributors to the country's Gross Domestic Product (GDP), small businesses cannot be neglected; rather, efforts to mitigate risks must be made in order to enhance their sustainability in the business environment.'Consumers' needs are changing due to global demands and we are trying to meet such needs through various innovative product offerings. As a bank, we are striving to ensure that we provide solutions to the teeming needs.'The SME segment has grown at almost twice the rate of GDP in most markets, and is expected to grow at 10-12 per cent per year across our footprint in Asia, Africa and the Middle East. In light of the changing needs of SMEs and their growing importance in the economy, we have strengthened our SME customer offerings. Our ambition is to be the leading international bank for SMEs, building the segment into a multi-billion dollar business over the next two to three years', he added.Commenting on the importance of SMEs to the Nigerian economy, Carol Oyedeji, head of Consumer Banking, West Africa said. 'SMEs in Nigeria are the backbone of our economy. 96 per cent of Nigerian businesses are SMEs and they currently contribute about 50-70 per cent of employment, and over 90 per cent of the manufacturing sector. It is therefore critical for the banking sector to come along and support their needs.'She explained that the SME centre is a strategy underpinned by focusing on customers' needs, and investing in the right people, solutions, and infrastructure.According to her, SMEs can now access comprehensive and tailored solutions that have traditionally been limited to multinational companies and large corporations.' In order to better understand the needs of its SME customers, Standard Chartered provides dedicated relationship managers supported by a team of specialists. This allows Standard Chartered to provide holistic solutions in the areas of working capital, business expansion, business protection, and yield enhancement. This approach is unique in the market, and differentiates Standard Chartered's offerings to its customers', she added.General Manager, SME Banking West Africa, Standard Chartered Bank, Ebehijie Momoh said: 'Our product solutions and global expertise in the SME segment position Standard Chartered as one of the leading financial institutions for SMEs in Nigeria. We recognise that SMEs are looking for simplicity and convenience so in response, we are launching our new SME Centre to service these customers, a dedicated SME hotline to answer their queries, and our global online platform Straight2Bank, specifically tailored to the needs of SMEs'.
Click here to read full news..
